Rockwood Holdings Inc. cancelled its plan of a combined auction. The auction included its titanium dioxide and performance additives units. The auction was initiated after failing to attract the offers it had hoped for. This was according to four people with direct knowledge about the matter.
According to sources, The Princeton, New Jersey based chemicals maker, was in discussions with private equity firms. The discussion was about the asset sale of the chemicals manufacturer priced between US$1.5 billion and US$2 billion. However, the process was ended after it became apparent that such offers were not attainable.
One person said that spinning off the assets has now become an option for Rockwood. The company is considering said option. Sources asked not to be named as the discussions were confidential. Rockwood Holdings Inc. did not give any statements.
The cancelled sale came less than a week after Rockwood agreed to sell one of its other businesses, CeramTec, an industrial ceramics developer.
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